Iraq: Private Banks Want to Lead the National Economy

Iraq News –

Commission emphasized the new management of the Association of Iraqi private banks, on Wednesday, interest in the empowerment of the private banks from the leadership of the economic file National ways modern and sophisticated, and closer ties financial market and economic to strengthen its capacity to implement investment projects varied, while called financial expert association for the defense of the rights of depositors and shareholders and also ensure transparency in dealings and establish a relationship of “equal” with the central bank, calling for financial players support the Association.

A member of the Authority, Abdul Aziz Hassoun, said in an interview to the (long-Presse), “The Association has already developed a plan to restore its organizational structure to improve its work to support the banking sector and keep abreast of global developments relevant,” noting that “the plan was to require elections to inject new blood can make it.

He said Hassoun, that “the members of the Association of Banks elected on Tuesday, (the fifth of August 2014 Current), the governing body of the new, which includes the president and won the job Ashur, which is supposed to appoint his part, President of the Board of Directors, and Wadih Handal, president of the Association, agreed that the Union Bank, as Vice President, Investment Bank, Financial Secretary, “that” the six CEOs of several banks were elected as members of the governing body.”

The member of the administrative board of the Association of private banks, that “the functions of the new body is worthwhile banking sector, private and enable him to lead the economic profile of the country in ways that modern and sophisticated, as well as strengthening the role of the Association to connect the system banking of financial markets and the national economic estimated position of support for the implementation of a number of projects investment in various fields.”

For his part, said the financial expert on behalf of Jamil Antoine, in an interview to the (long-Presse), said that “for a long time have passed on the first elections of the Association of Iraqi private banks, is born is an urgent need for renewal and development around new developments that have occurred in the country,” noting that “the members of the Association faced before the election about the problematic nature of the party that holds the presidency and whether it is a person or a bank.”

According to Antoine, that “the members of the Association agreed after extensive discussion to be the head bank and not a particular person, in view of its benefits, including the possibility of replacing the president in the event of its failure, that the alternative would be part of the management of the bank itself, which has been nominated him,” and he saw that on “Association to take it upon themselves to defend the rights of depositors and shareholders, not just the owners of the banks, and that emphasizes the transparency of the deal, and to prevent any corruption or sacrilege of the depositors and the private banks themselves.”

He called financial expert, the new body of the Association, that “establish strong relations with the Central Bank of Iraq, not as Mr. and slave, but on the basis of parity”, explaining any that “The Association criticized the errors, diagnose, and seek to address them, both in private banks or the central bank, and to support the economy Iraqi and not certain people.”

The student Antoine, that “the financial players are supportive of the association and seduced them do not make it as a critic who is looking for errors only.”

It is noteworthy that the Iraqi banking system consists of 43 banks, as well as the central bank, according to the property is distributed between the seven-governmental organizations, civil strife and 30, including seven Islamist, as well as six foreign banks.